Tuesday, August 08, 2023
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2Q23 Results. Results came in above expectations. Revenue totaled $256.9 million, up 14.6% y-o-y. Adjusted EBITDA came in at $21.6 million, up from $17.7 million in 2Q22. GAAP EPS loss was $0.02 and adjusted EPS was $0.09, compared to a EPS loss of $0.04 and adjusted EPS of $0.07, respectively, a year ago. We had forecasted $235 million, $16.5 million, $(0.03), and $0.06, respectively.
Solid Organic Growth In KGS. The Government Solutions Segment saw overall revenue increase 22.1% to $204.8 million. Organic growth for KGS grew 17.1% in the quarter, with organic growth across all businesses within KGS and notable increases in the Space and Satellite, Turbine Technologies, Microwave products, and C5ISR units.
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